Audi officially starts operations in Turkey

Subsidiary has $1.4 billion deposits so far

Odeabank, Bank Audi’s fully-owned Turkish subsidiary, officially launched its operations last Thursday, January 10. The bank made its debut with six branches, a client base of 1,500 customers, $1.4 billion in deposits, and $2 billion in assets so far.

“The figures reached by Odeabank in two months are a live proof of the pertinent choice we made,” said Samir Hanna, Bank Audi's Group CEO.

Bank Audi obtained a license to operate from Turkey’s Banking Regulation and Supervision Agency in September 2012, becoming the first foreign bank established in Turkey in 15 years. Odeabank's operation covers six branches in Istanbul, Izmir, and Ankara. General manager Hüseyin Özkaya said: “Our aim for 2013 is to reach 32 branches and a headcount of 1,000 employees.”

Bank Audi - Audi Saradar Group reported a 14 percent year-on-year rise in profits during the first nine months of 2012, with net earnings of $309 million. The group’s consolidated assets reached around $29 billion at end-September 2012, despite the significant contraction in assets of its Syrian subsidiary. The group operates in 11 countries, including Switzerland and France.